El Salvador’s $1 Billion Volcano Project Aims to Achieve 90% Decarbonization by 2025
As per United Nations’ study, El Salvador will Achieve 90% decarbonization by 2025 in the energy sector. For this purpose, the country has allocated $1 billion for a renewable energy project harnessing volcanic energy. This project also supports a Bitcoin mining farm.
There have been some objections concerning Bitcoin adoption in the Latin American nation. However, a recent survey conducted by United Nations has revealed that the structure of the Bitcoin farm has the potential to combat climate change.
The report has also published some strong numbers to back its claims. The project energy generation capacity of the mining farm is estimated at 241 megawatts. Around 169 MW of this energy is sourced from solar photovoltaic energy. The farm can support 1.3 EH/s hashrate when it starts. The project in question started with an initial funding of $250 million.
The White Paper for the project has revealed that 27% of the total revenue generated from this farm will go to investors. The remaining 23% will be reserved for the government of El Salvador. 50% of profits go towards re-investment in expansion costs.
El Salvador Continues to Replenish Its State-Owned Bitcoin Reserves
El Salvador has aired big plans using Bitcoin for commercial development. To this end, the government has continued to increase its Bitcoin reserves at a continued pace. The state has opted to go with the Dollar Cost Averaging approach and reported a profit of $1.5 million as per Nayib Tracker.
The firm has also posted updates on its Twitter account about the progress of the geothermal mining plant and statistics backed by the UN.
On the other hand, the introduction of Bitcoin as a legal tender in Salvador has led to incoming commercial investments in the country. Senior Bitcoin investor Max Keiser posted has pointed out the increased foreign capital in the nation.
It is worth noting that the geothermal power plant in Salvador is backed by USDT stablecoin issuer Bitfinix. Other analysts such as Cory Bates have noted that the nation is adding 1 Bitcoin per day to the national reserves to dedicate $1 billion towards its geothermal plant.
It is worth noting that the nation has managed to create job opportunities through its Bitcoin adoption plan. At the same time, the Salvadorian government has also launched learning programs to accommodate 10,000 children. Additionally, the state has also undertaken the CUBO+ program to recruit the brightest minds in the nation to work on the Bitcoin Lightening infrastructure.
President Bukele has reported that the country has also managed to curb the crime ratio in the nation through international tourism.
However, President Bukele has also continued to wage war against anti-crypto enterprises on Twitter. Since he approved of Bitcoin as a legal tender the politician has received heavy criticism from various sources. Associated Press recently drew parallels between him and dictators such as Mussolini and Hitler.
Meanwhile, the left-wing coalition in Salvador known as Sao Paulo has made allegations of human rights violations on Bukele. The political opposition was referring to the 4000-capacity mega-prison that was built under his supervision.
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